The Securities and Exchange Commission (SEC) has challenged residents of the Federal Capital Territory (FCT), Abuja to make investment of funds in government approved securities one of their key business decisions. The Commission urged the residents to put their monies in equities like bonds and other securities where their interest – dividend and share bonus are guaranteed, adding that investments are more secured in interest and non-interest finances. SEC’s acting director- general, Mary Uduk, made the call at a financial inclusion sensitisation programme held for a mixed congregation of business operators, civil servants and corps members yesterday at the secretariat of Gwagwalada Area Council. In her opening remarks, Udok, who highlighted some of the benefits of financial inclusion, said, “Buy shares and earn dividends on your investments.” The event is part of nationwide sensitisation campaign to mark 2018 World Investors Week. The annual event is held to educate people in the grassroots on how to invest in the capital market.
“It is creating awareness and letting people know the need and importance of how to invest in the capital market and the financial industry,” head, investors education in SEC, Francis Okafor said. Okafor, who represented the SEC DG warned the residents to refrain from putting their funds in ponzi schemes, advised them to identify licensed stockbrokers scattered around the FCT to help them invest their funds in the right securities. Mrs Obiageli Okosi of the micro-pension department advised the congregation to learn to save a little per cent of their income in micro-pension. She said micro-pension allows them to access their savings to fund education and other critical issues that may come up, even before the maturity date.
Abubakar Nasidi , who stood in for the National Deposit Insurance Corporation (NDIC) assured them of security of their savings with all the Deposit Money Banks in the country.
Basidi, who cited the example of defunct Sky Bank, said the funds of the depositors remained intact because the NDIC had put in place safety measures to protect their savings against failure of any bank.
In his earlier welcome address, the council chairman, Mustapha Ismaila, charged the audience to take advantage of the financial inclusion sensitisation programme to learn how they can make better use of their income and save for their future and the future of their children. Amina Solomon, who represented the council said the local council would henceforth partner with PENCOM for its staff to be enlightened on what they should know about pension. Some of the attendees who spoke at the end of the programme said they have become aware of basic issues on how to make investments and save for retirement. Their reservation is only whether the financial authorities would make ‘their word, their bond’.
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